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you want to purchase a house for $350,000 with a 10% down payment and thereby you need to finance $315,000 through a home mortgage loan
you want to purchase a house for $350,000 with a 10% down payment and thereby you need to finance $315,000 through a home mortgage loan which you signed today you start paying the loan in 6 months from today with 60 quarterly payments at an interest rate of 6% per quarter. Which of the following is true for the first payment? Where A is the loan payment.
. This is an immediate payment loan, where A = $350,000(AP 6%, 60) - This is an immediate payment loan, where A = $315,000(AIP 12%, 30) This is a deferred payment loan, where A = $315,000(FIP 6%, 1)(AIP 6%, 60) This is a deferred payment loan, where A = $350,000(FIP 6%, 2)(A1P 6%, 60)Step by Step Solution
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